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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
-520.6%
-€7.89
vs €1.88 price
Levered DCF
-€18.96
After debt service
Piotroski score
0 / 9
Weak
Altman Z-score
-0.39
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-11.13×-3.2×1.3×-2.39×-3.9×-3.41×-6.3×-6.57×
P/B1×-3.22×129.1×-1.87×-8.07×30.39×3.64×1.97×
P/S0.9×0.37×0.26×0.49×0.52×0.5×0.92×0.56×
EV / EBITDA-33.51×11.08×1.18×18.09×5.27×10.61×6.29×8.65×
Gross margin-40.9%78.8%84.1%-1.6%83.6%96.8%93.9%97.9%
Operating margin-42.3%-20.5%23.2%-15.6%-9.1%-18.4%-25.1%10.3%
Net margin-8.0%-11.8%20.2%-20.2%-13.3%-14.6%-14.9%-8.8%
Current ratio0.16×0.21×0.43×0.37×0.35×0.37×0.47×0.47×
Debt / equity1.13×-4.3×137.04×-1.6×-7.02×4.64×0.91×0.46×
Interest coverage-7.11×-5.5×7.26×-9.34×-9.68×-48.57×-19.62×0.79×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-8.8%102.0%9914.7%77.7%204.4%-885.9%-58.9%-30.7%
Return on invested capital-9.0%-20.8%28.9%-16.5%-9.9%-21.4%-46.0%8.6%
Return on assets-2.2%-5.8%13.2%-11.1%-6.5%-8.7%-5.5%-5.2%
Free cash flow yield-81.3%-35.7%-63.0%-26.1%-88.3%8.9%-46.2%-78.2%
Earnings yield-8.9%-31.7%76.8%-41.5%-25.3%-29.2%-16.2%-15.6%
Enterprise value€239.5M€120.5M€88.2M€119.3M€114.8M€81.8M€111.5M€100.2M
Net debt / EBITDA-17.68×6.1×0.51×7.31×2.11×-0.16×0.75×1.35×
Cash conversion cycle (days)39-2043176-62-638-403-943